Tim Russell's HSBC UK Growth & Income and UK Equity retail funds have secured a AAA rating from Standard & Poor's, enhancing HSBC's prospects of winning UK institutional funds.

Russell's funds have moved up one notch from AA, on the back of relative outperformance during recent business cycles. Just two other mainstream funds have won better ratings in Standard & Poor's annual review of UK Growth retail funds. They are SocGen UK Growth, led by Peter Seabrook, and Framlington UK Growth led by Chris Murphy, both of which have risen from A to AA.